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Penske Racing President Tim Cindric announced the deal on Wednesday during open testing at Barber Motorsports Park.

Detroit-based Quicken Loans will also be the presenting sponsor for a doubleheader race weekend at the Chevrolet Detroit Belle Isle Grand Prix.

The mortgage lender will be featured on the cockpit of both the No. 3 Chevrolet driven by three-time Indianapolis 500 winner Helio Castroneves and three time road series champion Will Power's No. 12 Chevrolet.

Quicken Loans was a Team Penske sponsor during the 2003 season when Gil de Ferran earned the 13th of Penske's record 15 Indianapolis 500 victories. Cindric says the team is "hoping to bring that magic back to the organization."